Talis Capital today welcomes Acin to its portfolio, backing the company as part of its $12m Series A. The funding will enable Acin to rapidly accelerate its proposition by continuing to enhance its platform with additional inventories of risks and controls, software extensions and integrated benchmarking.
Acin is transforming the way that financial services firms manage non-financial risk through its technology, data standards and content-driven platform that connects financial services firms together to better measure, manage and mitigate non-financial risk. Using this platform, financial services firms can standardise non-financial risks and controls, improve their efficiency and reduce the cost of their risk and control operating model. The Series A funding will enable Acin to provide financial institutions with a complete front-to-back-office solution to assess and manage their operational and non-financial risks.
Acin’s system was created for, and in collaboration with, the world’s largest financial institutions. It revolutionises the way these organisations manage their operational and non-financial risk and controls through a standardised, industry-wide inventory, and a first-of-its-kind network that facilitates collaboration between members, which currently includes 14 global investment banks. With extensive applications beyond financial services, Acin will expand its solution into further sectors over time.
Acin’s technology allows member organisations to fully digitise and quantify their non-financial risks for the first time ever, enabling them to manage these risks using ground-breaking data science, as well as comparing with, and learning from, peers. The result is improved understanding and management of their operational and non-financial risk position, which ultimately makes their business safer and more efficient. This could have significant balance sheet benefits by reducing the operational risk capital that they are required to hold in the future.
The round was led by Notion Capital with participation from Fitch Ventures. Other new and existing investors include Cris Conde (former President & CEO of SunGard), Christopher Carter (Chairman of Artorius Wealth Management and former Vice Chairman – Institutional Securities at Morgan Stanley) and Carlos Gonzales-Cadenas (COO at GoCardless and ex-SkyScanner CPO).
Chust Shahri Thomas Williams, Partner at Talis Capital, said: “We’re delighted to be supporting Acin in this exciting phase of growth. Approaching operational risk by information-sharing across a network is intuitive and unique, and the potential application of this approach to other regulated industries is massive. The deep expertise of Paul and the Acin team, and their impressive roster of clients, demonstrate that they’re well-equipped to execute on their mission.”
Paul Ford, CEO and Founder of Acin, commented: “The need to digitise operational and non-financial risks is now more important than ever for the financial services sector, with the Covid-19 crisis shedding fresh light on the need for data to manage existing and emerging risks. We are seeing a collective desire from the industry for a solution built on collaboration and sharing of information and Acin’s approach is transformative in its ability to deliver this. This funding will enable us to accelerate our growth to meet the demand and needs of our clients. It’s fantastic to have Talis on board as a partner – as we develop our product and expand into new sectors, Talis’ broad experience and strategic input will be invaluable.”
You can read more from Tom Williams on why we invested in Acin here.